* Reinvent Technological know-how Associates Y (RTPY) expects to comprehensive its business blend, matter to shareholder approval, on November 3, 2021
* Investors in the PIPE incorporate Baillie Gifford, cash and accounts managed by Counterpoint World wide (Morgan Stanley), Fidelity Administration and Exploration LLC, money and accounts suggested by T. Rowe Value Associates, Inc., PACCAR, Volvo, and Uber
* Proceeds from the business enterprise mixture symbolize the largest-at any time Autonomous Automobile or Robotics firm principal elevate in a go-general public transaction
NEW YORK, November 01, 2021–(Organization WIRE)–Reinvent Engineering Partners Y (“RTPY”) (NASDAQ: RTPY) today introduced that subject matter to RTPY shareholder approval, it expects to finish its previously announced company blend with self-driving organization Aurora on November 3, 2021.
Aurora is developing the technological innovation and enterprise to commercialize self-driving at scale both in autonomous trucking and passenger mobility. Aurora’s business-foremost companions include things like Toyota, Uber, Volvo and PACCAR. The gross proceeds getting raised in this transaction in addition income on the stability sheet as of November 1, 2021, equals roughly $1.8 billion. This further cash is envisioned to fund Aurora beyond the business launch of Aurora Horizon and the Aurora Driver in 2023, and into 2024.
“We are pleased with the investor desire and guidance for this transaction, and are psyched about the long term of Aurora’s business enterprise,” mentioned Mark Pincus, Co-Founder and Director of Reinvent Engineering Partners Y. “We imagine Aurora will be the initial to commercialize self-driving technological innovation at scale for the U.S. trucking and passenger transportation markets thanks to its earth-course workforce, sector-leading technologies and industry-main partnerships.”
“On behalf of the total Aurora team, we are inspired by the early help for this transaction and seem forward to accelerating our development toward commercializing our self-driving technological know-how with the assist of our associates and the Reinvent staff,” reported Chris Urmson, Co-Founder and Chief Govt Officer of Aurora. “Upon the closing, this new cash will even more assist our timeline toward providing the technological innovation to make the movement of merchandise and people safer, extra reputable, and effective.”
RTPY also introduced today that the deadline for shareholders to withdraw any election to have their shares redeemed in relationship with the Business Mix will be 5:00 p.m. Eastern Time on Tuesday, November 2, 2021. Shareholders who wish to withdraw a redemption ask for need to get in touch with RTPY’s transfer agent, Continental Stock Transfer & Have confidence in Company, by e-mail at [email protected]
The business combination, if authorized by RTPY shareholders, is anticipated to close on November 3, 2021. On the closing of the business blend, RTPY will modify its name to Aurora Innovation, Inc., and widespread stock and warrants of the mixed corporation are anticipated to commence buying and selling on November 4, 2021 on Nasdaq less than the ticker symbols “AUR” and “AUROW,” respectively.
To devote in Aurora, people today can obtain general public shares of RTPY and maintain them as a result of the closing of the enterprise mixture, at which time their RTPY shares will instantly convert to typical stock of the publicly listed Aurora on a 1:1 foundation.
The Incredible Typical Meeting of Shareholders is scheduled to take place on November 2, 2021 at 12:00 p.m. ET. Free copies of the proxy statement and all applicable files submitted or that will be submitted with the U.S Securities and Exchange Fee (“SEC”) by RTPY (when offered) can also be attained by shareholders via the website preserved by the SEC at http://www.sec.gov. The files submitted by RTPY with the SEC might also be obtained totally free of cost at RTPY’s internet site at https://y.reinventtechnologypartners.com/trader-relations or by written request to: Reinvent Engineering Partners Y, 215 Park Avenue, Floor 11, New York, NY 10003.
About Aurora
Started in 2017 by authorities in the self-driving market, Aurora is on a mission to provide the benefits of self-driving technologies safely, quickly, and broadly. To move both of those persons and items, the firm is setting up the Aurora Driver, a platform that brings jointly program, hardware and info providers to autonomously run passenger automobiles, light-weight professional autos, and weighty-responsibility trucks. Aurora is backed by Sequoia Funds, Baillie Gifford, funds and accounts advised by T. Rowe Price Associates, between some others, and is partnered with field leaders including Toyota, Uber, Volvo, and PACCAR. Aurora exams its automobiles in the Bay Place, Pittsburgh, and Dallas. The firm has places of work in those places as very well as in Bozeman, MT Seattle, WA Louisville, CO and Wixom, MI. To study additional, check out www.aurora.tech.
About Reinvent Technological innovation Companions Y
Reinvent Know-how Associates Y is a distinctive function acquisition corporation started by Mark Pincus, Michael Thompson, and Reid Hoffman. Reinvent Know-how Partners Y was shaped to guidance a engineering organization to innovate and realize entrepreneurship at scale by leveraging its team’s functioning expertise as founders of iconic engineering organizations, their practical experience building organizations as advisors and board members, and the money lifted in its initial general public supplying.
Cautionary Assertion Concerning Ahead Wanting Statements
This press release includes selected forward-on the lookout statements in just the this means of the federal securities legal guidelines with respect to the proposed transaction between Reinvent Technologies Companions Y (“RTPY”) and Aurora Innovation, Inc. (“Aurora”). These forward-hunting statements usually are recognized by the phrases “believe,” “job,” “count on,” “anticipate,” “estimate,” “intend,” “tactic,” “long term,” “prospect,” “program,” “might,” “need to,” “will,” “would,” “will be,” “keep on,” “very likely,” and equivalent expressions. Ahead-on the lookout statements are predictions, projections and other statements about foreseeable future events that are centered on existing expectations and assumptions and, as a outcome, are topic to threats and uncertainties. Several things could result in precise potential gatherings to differ materially from the forward-looking statements in this document, which include but not confined to: (i) the possibility that the proposed transaction may not be concluded in a well timed method or at all, which may perhaps adversely have an impact on the rate of RTPY’s securities, (ii) the chance that the proposed transaction may not be concluded by RTPY’s organization mixture deadline and the possible failure to obtain an extension of the small business blend deadline if sought by RTPY, (iii) the failure to fulfill the ailments to the consummation of the proposed transaction, like the adoption of the Arrangement and Prepare of Merger, dated as of July 14, 2021 (the “Merger Agreement”), by and amongst RTPY, Aurora and RTPY Merger Sub Inc., a Delaware corporation and a immediate wholly owned subsidiary of RTPY, by the shareholders of RTPY, the fulfillment of the bare minimum hard cash condition pursuing redemptions by RTPY’s public shareholders and the receipt of selected governmental and regulatory approvals, (iv) the inability to total the PIPE expense in link with the proposed transaction, (v) the incidence of any event, improve or other circumstance that could give increase to the termination of the Merger Agreement, (vi) the impact of the announcement or pendency of the proposed transaction on Aurora’s enterprise relationships, running results and business commonly, (vii) pitfalls that the proposed transaction disrupts latest programs and operations of Aurora and prospective challenges in Aurora staff retention as a outcome of the proposed transaction, (viii) the consequence of any lawful proceedings or other disputes that may be instituted in opposition to Aurora or against RTPY connected to the Merger Agreement or the proposed transaction or normally, (ix) the capacity to sustain the listing of RTPY’s securities on a nationwide securities trade, (x) the value of RTPY’s securities might be risky thanks to a wide variety of variables, like changes in the aggressive and remarkably regulated industries in which RTPY programs to function or Aurora operates, versions in working functionality throughout competition, changes in regulations and laws impacting RTPY’s or Aurora’s company and modifications in the mixed funds composition, (xi) the capability to put into practice business enterprise designs, forecasts, and other expectations soon after the completion of the proposed transaction, and determine and comprehend added chances, and (xii) the chance of downturns and a transforming regulatory landscape in the really competitive self-driving market. The foregoing list of things is not exhaustive. You ought to meticulously contemplate the foregoing aspects and the other risks and uncertainties described in the “Threat Factors”portion of RTPY’s registration assertion on Variety S-1 (File No. 333-253075), its Quarterly Reviews on Form 10-Q for the intervals finished March 31, 2021 and June 30, 2021, respectively, the registration assertion on Kind S-4 mentioned beneath and other paperwork filed by RTPY from time to time with the SEC. These filings determine and deal with other essential hazards and uncertainties that could induce genuine activities and effects to vary materially from those people contained in the ahead-looking statements. Ahead-searching statements discuss only as of the day they are made. Visitors are cautioned not to set undue reliance on ahead-seeking statements, and RTPY and Aurora believe no obligation and do not intend to update or revise these forward-hunting statements, no matter whether as a consequence of new information and facts, foreseeable future functions, or in any other case. Neither RTPY nor Aurora offers any assurance that either RTPY or Aurora or the blended organization will realize its expectations.
Additional Facts and In which to Locate It
This press release relates to a proposed transaction amongst RTPY and Aurora. This press release is not a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and does not represent an supply to sell or exchange, or the solicitation of an provide to get or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which these types of supply, sale or exchange would be illegal prior to registration or qualification less than the securities laws of any these types of jurisdiction. RTPY has filed a registration statement on Form S-4 with the SEC (333-257912), which consists of a prospectus and proxy assertion of RTPY, referred to as a proxy statement/prospectus. RTPY has mailed a definitive proxy statement/prospectus and other pertinent files to its shareholders of record as of September 30, 2021, the document date founded for the remarkable typical assembly of shareholders relating to the proposed transaction concerning RTPY and Aurora. RTPY also will file other paperwork about the proposed transaction with the SEC. Right before generating any voting or expense decision, traders and stability holders of RTPY are urged to study the registration statement, the proxy statement/prospectus and all other pertinent paperwork filed or that will be submitted with the SEC in link with the proposed transaction simply because they will incorporate essential data about the proposed transaction. Investors and safety holders will be ready to acquire cost-free copies of the registration statement, the proxy assertion/prospectus and all other appropriate documents submitted or that will be submitted with the SEC by RTPY by way of the website taken care of by the SEC at www.sec.gov. The paperwork filed by RTPY with the SEC also may possibly be acquired absolutely free of charge at RTPY’s web-site at https://y.reinventtechnologypartners.com or upon published ask for to c/o Reinvent Capital, 215 Park Avenue, Flooring 11 New York, NY.
View source version on businesswire.com: https://www.businesswire.com/news/residence/20211101005550/en/
Contacts
MEDIA:
Aurora:
Khobi Brooklyn
[email protected]
(415) 699-3657
Reinvent Technological know-how Associates Y:
Ed Trissel / Scott Bisang
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
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